Saudi Awwal Bank partners with Chainlink to bring blockchain into finance

Saudi Awwal Bank (SAB) has announced a partnership with Chainlink to integrate blockchain technology into its financial services. The agreement includes the adoption of the Cross-Chain Interoperability Protocol (CCIP), which enables secure connections between different blockchains and facilitates cross-platform transactions. Additionally, SAB will use the Chainlink Runtime Environment (CRE), a set of tools designed for developing financial applications that bridge traditional banking infrastructure with blockchain.

This initiative is part of Saudi Arabia’s broader digital strategy, encouraging financial institutions to adopt emerging technologies that enhance efficiency and security. Through this collaboration, the bank aims to support the development of services such as faster and cheaper cross-border transfers, as well as new blockchain-based financial products.

The agreement highlights the Kingdom’s commitment to modernizing the banking sector and aligning with international regulatory standards. According to SAB, the implementation of Chainlink’s infrastructure complies with the strict requirements imposed on financial institutions in Saudi Arabia.